Russian President Vladimir Putin personally agreed planned Russian oil output cuts based on a consensus he had reached with major oil firms, the Kremlin spokesman Dmitry Peskov said.
"The theme of output cuts was agreed by the president with all the leading oil companies. The president personally carried out those contacts and the decision was taken personally by the president on the basis of a consensus that was reached with the heads of the oil companies," Reuters cited him as saying.
Peskov added that every $5 increase in the price of oil meant extra income for the state budget as well as for Russian oil firms.
